Iran Expected to Add 500,000 bpd in 1 Year

The head of the International Energy Agency (IEA) said Iran is likely to add half a million barrels of oil supply per day within a year following a lasting nuclear deal between Tehran and world powers.

Iran is expected to add 500,000 barrels of oil per day within a year from its existing oilfields after the lifting of sanctions against Tehran in January, but developing new fields would take time, Fatih Birol (pictured) told Reuters on Wednesday.

“It was misleading to believe that there would be a huge amount of new Iranian crude and natural gas production entering market in the short term,” Birol said on the sidelines of an event in Beijing to mark the 20th anniversary of cooperation between China and IEA.

“It would take some time in terms of developing new oil fields, finding transmission routes and having the necessary market conditions,” he added.